Remedies Flashcards
What are Consequential Damages?
Damages suffered because of lost opportunities created by the breach.
The damages must have been foreseeable in order to be recoverable.
What is Unjust Enrichment or Restitution Damages?
Equitable remedy used to prevent a wrongdoer from benefitting from his actions.
Damages allow recovery of value received by Defendant.
What are Expectation Damages?
Damages representing the lost profits promisee would have received in the event of full performance.
What are Incidental Damages?
Damages representing the cost a promisee incurred to cure or replace the performance agreed upon in the contract.
What is Specific Performance?
A court order to perform as agreed under the contract.
What is a Constructive Trust?
A remedy in which a wrongdoer will be considered the trustee of the property that his wrongful conduct has misappropriated.
The trust will be imposed on all property that the court can trace from the wrong.
What are Punitive Damages?
Not available in Contract.
Used to punish for willfull or gross misconduct.
What is an Equitable Lien?
A security interest given to a plaintiff in property that will become subject to court sale.
What is Recission?
An equitable remedy to put the parties in the same place they would have been had the contract never been executed.
Applicable in cases of misrepresentation or failure to disclose defects.
What is the Difference Between Legal and Equitable Remedies?
Legal remedies require the payment money;
Equitable remedies require parties to take a certain action, which may involve paying money.
